Global Partners LP (GLP) vs WhiteHawk Minerals Corp. (WHK)

Global Partners LP and WhiteHawk Minerals Corp. are both Oil & Gas Midstream companies. Global Partners LP is the larger, with a market value of $1.4B against $730.7M — 1.9× the size. WhiteHawk Minerals Corp. has negative trailing earnings, so its P/E is not meaningful; Global Partners LP trades at 8.5×. Global Partners LP has the higher net margin (0.78% vs −81.9%) and the higher return on invested capital (8.44% vs 0.04%). Across the 17 metrics below, Global Partners LP leads on 12 and WhiteHawk Minerals Corp. on 5.

Valuation

Metric GLP WHK Oil & Gas Midstream median
P/E 8.52 n/m 11.68
P/S 0.07 5.92 2.39
P/B 2.11 1.11 1.68
Price to free cash flow 6.86 n/m 8.52
EV/EBITDA 6.49 15.79 9.03
EV/Sales 0.15 6.79 3.43
Earnings yield 11.74% (21.24%) 7.78%
Free cash flow yield 14.58% (35.89%) 7.11%

Profitability

Metric GLP WHK Oil & Gas Midstream median
Gross margin 5.57% 100.00% 54.87%
Operating margin 1.55% 0.38% 34.73%
Net margin 0.78% (81.94%) 20.12%
Free cash flow margin 0.97% (212.45%) 14.43%
Return on equity 25.90% 0.00% 11.73%
Return on assets 4.28% 0.00% 4.43%
Return on invested capital 8.44% 0.04% 6.10%

Growth

Metric GLP WHK Oil & Gas Midstream median
Revenue growth (TTM) 20.35% — 14.88%
EPS growth (last fiscal year) (12.45%) 66.36% (7.78%)
Revenue growth, 5-year CAGR 17.40% — 10.05%
Net income growth, 5-year CAGR (5.18%) — 0.00%

Health

Metric GLP WHK Oil & Gas Midstream median
Debt to equity 2.31 0.18 0.77
Current ratio 1.19 1.39 1.19
Net debt to EBITDA 4.61 4.91 3.46

Dividend

Metric GLP WHK Oil & Gas Midstream median
Dividend yield 7.29% — 4.94%
Payout ratio 0.62 — 0.73

Size

Metric GLP WHK Oil & Gas Midstream median
Market cap 1.42b 730.66m 3.56b

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